“The Financial CHOICE Act destroys financial and consumer regulations designed to protect citizens from Wall Street and big business abuses. This bill will certainly fill Wall Street pockets at the expense of American consumers. If this ‘Wrong Choice Act’ becomes law, we could very well find ourselves in another recession.”

House Republicans passed the bill Thursday afternoon (June 08, 2017) without a single Democrat in support. Rep. Hensarling (R-TX) of Texas’ Fifth Congressional District sponsored the bill that aims to repeal the Dodd-Frank Act, a sweeping financial regulatory Act passed in 2010 in response to the 2007-09 Great Recession.

The Consumer Financial Protection Bureau (CFPB), an independent agency created under Dodd-Frank, is responsible for everything from promoting mortgage fairness and transparency to education on how to prevent credit card fraud. The CFPB fined Wells Fargo $100 million last year for secretly opening unauthorized accounts to hit sales targets and receive bonuses.

“It is no coincidence that the same financial institutions supporting Thursday’s bill also donate thousands of dollars every year to my opponent’s campaign. It is time for a new face in Congress, one who represents the people of the Fifth District and not Wall Street,” Wood continued.

Mr. Wood is running for the Democratic Party ballot in Texas’ Fifth District in the 2018 Primary Election. If uncontested in the Primary, he will challenge Rep. Jeb Hensarling for the seat in the 2018 General Election.